State Farm Rate Increases To Impact Some Landlords

State Farm Fire and Casualty Co. is raising rates on small rental properties statewide and dropping wind and hail coverage in some coastal parishes.

State Farm began increasing rates for new policies to cover single-family homes, duplexes and condominiums for rent on Dec. 15. Starting on Feb. 1, some 29,034 existing customers in the New Orleans area and other coastal parishes will lose their wind coverage and see rates rise on those same types of rental properties as their policies renew.

While the statewide average rate increase is about 18 percent, actual increases in south Louisiana can be much higher.

State Farm spokeswoman Molly Quirk says part of the rate increase calculation is the value of cutting the wind and hail policy.